Export premiums for soyabeans shipped from the US Gulf Coast rose in deferred months on Wednesday as top-importer China extended a buying spree, traders said. Exporters struck deals to sell 441,000 tonnes of US soyabeans to China for delivery in the 2016/17 marketing year, which begins on September 1, according to the US Department of Agriculture (USDA).
Unknown destinations bought 256,000 tonnes, with 66,000 tonnes for delivery in the 2015/16 marketing year and 190,200 tonnes for delivery in 2016/17, according to the USDA. It was the sixth consecutive business day on which the agency confirmed soyabean sales, with volumes to China and unknown destinations totaling more than 2 million tonnes over that period. More sales are likely, traders said. Separately, the USDA said exporters sold 290,000 tonnes of US corn to unknown destinations for delivery in the 2016/17 marketing year.
Soyabean export premiums for August shipments were about 107 cents a bushel over Chicago Board of Trade (CBOT) August futures, steady from Tuesday. October and November shipments were each up 4 cents at about 125 cents over November futures. August corn shipments were offered at about 105 cents over CBOT September futures, unchanged from Tuesday. August soft red winter wheat shipments were flat at about 70 cents over CBOT September futures. Spot hard red winter wheat offers also were mostly unchanged, with August shipments offered at about 115 cents over September futures.